Instead, Dradgin has appointed Doric Group to complete the development, known as SubiXO, which includes the 10,500sqm-plus 500Hay Street office, a 4.5 star hotel, food hall and cinema complex. It was to have been finished by the end of last year.

“Lloyd Collins Property Group is pleased to announce it has entered into a (preliminary) agreement with a single tenant for the whole of the office component of 500 Hay Street,” Mr Collins said, adding that a confidentiality agreement prevented him from revealing the identity of the tenant.

The lease was yet to be negotiated.

Mineral Resources’ head office is at 1 Sleat Road, Applecross, a building complex owned by mining industry doyen and Diggers & Dealers veteran Nick Giorgetta and his wife Kay.

MinRes declined to comment.

Property Council of Australia WA midyear office market figures registered a 25 per cent vacancy for Subiaco with Knight Frank’s Sallese Wilmot-Barr confirming that did not include 500 Hay Street or strata offices.

“500 Hay is the only 10,000sqm-plus non-CBD A-grade building in the market,” Mr Collins said.

“If you are a (big) tenant and don’t want to be in the CBD, you have only got one option.”

Mr Collins said Subiaco was “the best transport-oriented location for office anywhere in Perth”.